Otto Group announces departure from Russia

(MENAFN) Local newspaper declared on Friday, quoting its sources on the real estate industry, one of the globe`s largest e-commerce firms, Otto Group, has exchanged all of its possessions in Russia.

The German retailer exchanged its two warehouses in the Tver area to a domestic warehouse operator, Multicold. The possessions were approximated to be valued at slightly higher than USD28 million but were allegedly traded at 50 percent of its rate. Multicold has announced the acquisition and has already rented some of the storage capacity to Russian e-commerce giant Ozon.

Otto Group, known basically as a mail order and online retail firm, started its operations in the Russian marketplace in 1991. The printed catalogs – which presented clothes traded by brands such as Bonprix, Quelle, Witt, as well as Otto – were extremely popular in Russia in the 1990s and 2000s.

The Hamburg-located group started grading back its existence in the nation five years ago, as procedures were difficult due to a trend of Ukraine-associated restrictions in 2014-2015, Chief Executive of Otto Group Russia Rene Picard informed Vedomosti in a January 2022 meeting.

MENAFN04062023000045015687ID1106383580